U.S. stock and bond markets will be closed Monday in observance of the Martin Luther King Jr. holiday, coming as Wall Street absorbs a record-setting run-up for equities.  Meanwhile, on the U.S. commodities markets, there will be no regular trading or settlements, including crude oil and gold.  However, Brent oil, the international benchmark, conduct regular trading today. (Marketwatch)

Apple, Microsoft, Alphabet (which last week joined the $1tn market-capitalization club) Facebook and Amazon account for almost a fifth of the S&P 500 index and are responsible for a quarter of the broad market’s return over the past 12 months. Just how long this remarkable run can last is currently dominating the market conversation.  History has shown the largest stocks duly slide down the rankings as they enter a period of natural underperformance after reaching an expensive valuation that proves far too rich for most investors. (FT)

World leaders, chief executives, thinkers and celebrities are gathering in the Swiss mountain town of Davos for the World Economic Forum’s annual meeting.  The event, which begins on Tuesday, has earned a reputation for high-altitude pontificating as the global elite gather to pitch their takes on topics picked by WEF founder Klaus Schwab, from deglobalization to the fourth industrial revolution. This year, as the WEF marks its 50th anniversary, a new urgency hangs over the Alpine town. The prospects for trade and global economic growth, tech companies (feted at previous meetings but now in regulators’ sights), the future of multilateralism and the geopolitical order all face growing challenges.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.